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Bitcoin Nears $23,000 on Sunday, Jan 22

Binance News Team
2023-01-26 16:21
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Charts of the Week

Bitcoin Makes A Comeback

  • On Sunday, Jan 22, Bitcoin hit a year-to-date high near $23,000 - highest since August last year.
  • From a technical perspective, BTC BTC is testing one of its most significant support clusters, represented by the 200-day moving average at around $24,741.
  • At the same time, Bitcoin is also on the verge of forming a death cross pattern, where the 50 day Exponential Moving Average (EMA) at $25,626 is near the 200 day EMA at $24,741.

Miners In Relief

The hashprice metric quantifies how much a miner can expect to earn from a specific quantity of hashrate, providing insights into Bitcoin mining profitability. The latest Bitcoin’s price rally has also provided the much needed relief to miners as the hashprice is up by over 20% from Jan 1, 2023.

Traders Are Pessimistic

  • On Binance Futures, the BTCUSDT Long/Short Ratio has taken a U-turn, closing on Sunday, Jan 22, at a ratio of 0.84.
  • Traders appear to believe that Bitcoin gains are limited as 54.48% of all Binance Futures accounts with an opened position in BTCUSDT are net short, while the other 45.52% are net long.
  • BTCUSDT open interest, which indicates capital flowing in and out of this market, steadily rose after a slump of Jan 15.

Weekly Market Movers

The BTCBUSD, ETHBUSD, DEFIUSDT, and BNBBUSD Futures Perpetual Contracts had a positive week-over-week return of +3.55%, +1.69%, +0.66%, +5.67% respectively.
***Note: DEFIUSDT is a composite index perpetual contract that consists of a basket of DeFi protocol tokens listed on Binance. It is calculated using weighted averages of DEFI tokens’ real-time price on Binance and is denominated in USDT.
Find out more about DEFI Index and trade DEFIUSDT.
News Roundup
  • Retail Investors Optimistic Despite Crash - 69% of retail investors have positive or mixed feelings about investing in digital assets despite experiencing the worst bear market in crypto history, while 31% are wary of investing in the industry after the crash.
  • Crypto To Boost Trading Policy - UAE's minister of state for foreign trade stated that the nation is looking to adopt cryptocurrency in a major role in its trading policies and plans to create a legal framework for the expansion of cryptocurrency operations within the country while ensuring global governance.
  • NFTs Show Continued Growth in 2022 - Report shows NFT sale count reached 101 million in 2022, a 67.57% increase from the previous year, with the Ethereum ecosystem holding the top spot in the NFT ecosystem.
  • Genesis holds $5.1 Billion in Liabilities - According to court documents, bankrupt crypto lending firm Genesis held $5.1 billion in liabilities in the weeks following its freeze on withdrawals last November.

Highlights From This Week

  • Leap into the Lunar New Year with Binance Futures - The Lunar New Year competition is ongoing and you have the opportunity to qualify for a share of the prize pool of 50,000 USDT.

Read Our Latest Blog Posts

Step-by-step Guide to Grid Trading on Binance Futures
Grid trading automates the buying and selling of futures contracts by placing orders at present intervals within a configured price range. It is suitable for volatile and sideways markets where prices fluctuate within a given range, as it aims to profit from small price movements. In our latest article, we offer a step-by-step guide to set up systematic trading using grid trading on Binance Futures.
***Note: Binance encourages our users to trade responsibly. Trading can be engaging and fun, but trading is a serious business, and it can lead to financial and emotional distress. Trading derivatives carries risk, and cryptocurrencies and other digital assets often have high levels of price volatility.
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